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Mobile Loan Apps Set First Loan at Ksh 4,000

Customers will get access to in-app digital borrowing history and repayment behavior which will also be accessed by all DLAP members so as to determine how much to lend to a customer.

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Mobile loan users now have a reason to smile as the initial lending maximum set at Ksh 4,000 with no loan history. This decision is part of the code of conduct signed by lenders under the newly formed Digital Lenders Association of Kenya (DLAK).

The lobby, which currently consists of twelve members, says this move will ensure member firms match customer debt levels with repayment ability so as not to plunge borrowers into over indebtedness.

DLAK was formed as a way to adopt a self-regulatory framework and a set of shared principles to guide members.

Central Bank of Kenya (CBK) Governor Patrick Njoroge had recently raised concerns over the increasing number of mobile loan apps that may be exploiting Kenyans. CBK has also in the recent past put on notice unlicensed and unregulated digital lenders as the government to protect consumers from fraudulent dealers.

Members of the lobby group include Tala, Alternative Circle, Stawika Capital, Zenka Finance, MyCredit,Okolea, Lpesa, Kopacent, Four Kings Investment, Kuwazo Capital and Finance Plan.

Under the groups code of conduct, customers will get access to in-app digital borrowing history and repayment behavior which will also be accessed by all DLAP members so as to determine how much to lend to a customer. Business daily reported.

“Where possible, lenders will attempt to help contactable customers to restructure their debt or otherwise make every reasonable effort to help their customers return to good standing,” reads DLAK’s code of conduct in part.

The digital lending industry have in the recent past been put on spot by the senate who called for its regulation on claims they are saddling borrowers with high-interest rates. The fims were accused of offering mobile loans at rates above the cap provided in law and occasioning heavy borrowing and indebtedness mainly among the low-income groups on easy access to loans. Some of the apps opffer an interest rate equating to 180 percent over a year.

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Kenya Defence Forces Set To Receive 6 US-Made Choppers

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The Kenya Defence Forces (KDF) is set to received 6 military choppers from the United States of America by December 2019.

The planes are part of the $253 million arms deal that the Kenyan government signed with USA in May 2017 where the latter was to supply 12 choppers and other arms to help boost military operations. The deal also got the United States Congress approval and the choppers were expected to be delivered to Kenya between April and August 2019. There is no information given as the cause of the delay.

“We are pleased MD Helicopters was selected to provide mentorship, maintenance expertise, and Pilot and Maintainer training to the Kenya Defence Forces,” said Lynn Tilton, MD Helicopters, Inc. Chief Executive Officer. “As the aircraft OEM, no one is better suited to provide the full spectrum of aftermarket operations, training, and support services to our customers.”

In a statement seen by Inversk from MD Helicopters, Inc, the shipment of the 6-aircraft MD 530F Cayuse Warrior fleet will include a U.S. Army-issued AWR.

#MDHelicopters is honored to have been awarded a CLS and Training Contract to support Kenya Defense Forces recent order…

Posted by MD Helicopters, Inc. on Monday, September 16, 2019

The MD 530F helicopters will replace the MD 500 platforms that are flown by the 50th Air Cavalry Battalion of the Kenya Airforce. The new aircraft will constitute the core of the reconnaissance equipment supporting ground forces.

Powered by the Rolls-Royce 250-C30 650shp turbine engine, MD Helicopters also announced that these aircraft will feature an advanced, all-digital glass cockpit, ballistically tolerant crashworthy fuel system, Harris RF-7850A tactical radio, Rockwell Collins HF-9000D, and the full complement of mission equipment that is standard to the Cayuse Warrior.

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Why Former Nairobi County Finance Boss Will Pay Ksh.317M to the Government

He was convicted in a case filled by the EACC in a bid to recover Sh872 million from the former chief finance officer (CFO) on grounds that his accumulated wealth did not tally with his known legitimate sources of income.

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Former Nairobi County Chief Finance Officer Jimmy Kiamba was ordered to pay the government Sh282 million by a Nairobi Court.

Further to this, Kiamba is required to pay an additional Sh35 million to the government, failure to which he will forfeit his house in Runda Water Estate, Nairobi.

The judgement was arrived after the court established that the convicted is in possession of unexplained assets.

While delivering the judgement, Lady Justice Hedwig Ong’udi ruled that Jimmy Kiamba could not explain how he acquired his massive wealth, which the Ethics and Anti Corruption Commission (EACC) said was looted from the county coffers.

“My analysis of evidence proves that the EACC established that the huge cash deposits in his accounts were proceeds of economic crimes and constitute unexplained assets which must be forfeited to the state,” the judge ruled.

The case was filled by the EACC in a bid to recover Sh872 million from the former chief finance officer (CFO) on grounds that his accumulated wealth did not tally with his known legitimate sources of income.

In its argument, the EACC submitted that Kiamba’s salary between 2009 and 2015 totalled to Sh5.8 million and wondered how he ended up with over Sh1 billion in cash and assets during his tenure as CFO between 2013 and 2015.

The commission, through Philip Kagucia, said it investigated Mr Kiamba’s 11 accounts in eight banks and obtained bank statements for the accounts and compared the amounts deposited and his salary. It is through this investigation that the commission noted huge inter-account transfers.

Mr. Kiamba is said to have deposited more than Sh400 million between January and November 2014 despite earning a monthly salary of Sh85,000 as City Hall CFO. Evidence provided showed that he used several people at City Hall to make deposits in his accounts including Joseph Njoroge, his driver.

Mr Njoroge made total deposits of Sh66.8 million, while former head of treasury at City Hall Stephen Osiro made total deposits of Sh4.1 million.

In his defense to explain the source of the huge deposits, Kiamba told the court that he was in engaged in several other businesses apart from employment including farming, hotel business, transport, rental income as well as water business, while interior design and beauty parlor were his wife’s. This, as narrated in court, amounted as follows: Cattle revenue (Ksh.21,971,810), Wheat revenue (Ksh.17,094,610), maize revenue (Ksh.12,478,430), landed property (Ksh.35,000,000), Kwamga Mboya advocates (Ksh.300,000), totaling Ksh.317,648,604.

However, the judge argued that it was impossible to know how much had been injected in the transport business and therefore the house, which he allegedly bought at Sh35 million, fell under the category of unexplained assets.

It is after this analysis that the court ruled that EACC had established on a balance of probability that the cash deposits which Kiamba tried to explain through the revenue collection constituted unexplained assets as defined under Section 2 of ACECA and should be forfeited to the State.

“I therefore declare that the total sum of the, money indicated to be unexplained assets,” ruled Justice Hedwig Ogundi.

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We’re Ready for the Aug 2019 Census – KNBS Says

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164,700 youth has been recruited to participate in the oncoming census exercise, the Kenya National Bureau of Statistics (KNBS) announced on Monday.

Director General Zachary Mwangi, while making the announcement, said out of these, 2,700 will be ICT supervisors, 27,000 content supervisors and 135,000 enumerators for the population census to be conducted between August 24 and 25 at a cost of Sh18.5 billion..

The state agency also said that training of the recruited supervisors and enumerators will begin on July 15. The ICT supervisors will train the content supervisors who will in turn train the enumerators for the digital census.

The census will cover a wide data set including demographics, disability, education, labour force, ICT, Agriculture, housing conditions and amenities as well as household assets.

The census data entry will be done through mobile electronic devices assembled at Moi University and Jomo Kenyatta University of Agriculture and Technology (JKUAT).

“This was informed by the fact that these two universities did participate in the digital literacy programme for the assembly of the tablets for primary schools. This has led to creation of many jobs for the youth in the assembly and programming of these devices,” said Mr. Mwangi during the media briefing at KICC on Monday morning.

Through use of technology, transmission of data collected to the servers will be real time, a move expected to significantly reduce the time taken to release the census results.

The captured data will be key for planning, policy formulation and decision making.

The census is held every 10 years and 2009 marked the 5th census in post-independence Kenya. This will be the first time Kenya will have its first digital census.

“The census is more than a population count: it provides all levels of government, business, industry, media, academia and independent organisations with social, economic and demographic information that is essential for making decisions regarding the many services each provides to the public,” Mwangi said.

During the exercise, agents will be issued with tablets that will have an application to help collect the data. The enumeration clerks will be required to feed data into the gadgets before it is transmitted to a central database.

The organisation has so far conducted a cartographic mapping across the country in preparation for the census.

“The cartographic involves delineating the country into Enumeration areas,” KNBS said in a statement.

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